Fortunes of World's 500 Richest Swell by $852B

The 500 wealthiest people in the world added $852 billion to their fortunes in the first half of 2023, Bloomberg reports.

The net worth of Elon Musk, the world’s richest person, grew the most, by $96.6 billion, and Meta CEO Mark Zuckerberg’s net worth was second up, prospering with the addition of $58.9 billion to his bottom line.

Each member of the Bloomberg Billionaires Index saw their wealth grow by an average of $14 million a day in the past six months—the biggest boon for billionaires since the second half of 2020.

Stocks, particularly technology stocks, have rallied this year, even as central banks have increased interest rates, the Ukraine war has dragged on and regional banks faced turmoil in the spring. The S&P 500 rose 16% and the Nasdaq soared 39% in the first half of 2023.

Adani Group Chairman Gautam Adani’s net worth, however, declined the most among the billionaires in the index, falling by $60.2 billion. Adani also suffered the biggest one-day loss of the tycoons, a loss of $20.8 billion on January 27, when Hindenburg Research accused the company of stock manipulation.

Hindenburg also sent the shares of Carl Icahn’s Icahn Enterprises tumbling when it disclosed it was shorting the stock. In the first half of the year, Icahn’s net worth fell by $13.4 billion, or 57%--the largest percentage drop of any member in the Bloomberg Billionaires Index.